Food Crisis: Scarcity fears over flooding in southern Ukraine causes global wheat prices to soar
Global prices for wheat and corn soared on June 6 after a major dam in Ukraine collapsed, renewing market fears about the fragility of the country’s ability to ship food to Africa, the Middle East and parts of Asia as it fights a war with Russia. Wheat prices gained 2.4% in early trading on the Chicago Mercantile Exchange, to $6.39 a bushel. The cost of corn rose more than 1%, to $6.04 a bushel, and oats gained 0.73%, to $3.46 per unit. Prices were higher earlier in the day but faded. The destruction of the Kakhovka dam and hydroelectric...
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